Peter Lynch : jeho 1. a nejlepší kniha

[Ladis]

http://www.amazon.com/gp/product/074320 ... 0743200403 =
http://www.amazon.de/Schritt-voraus-Akt ... 3922669026
Dobrá je úplně 1. kniha Petra Lynche ( originál z 1989 ) : Peter Lynch -
One Up on Wall Street : How to Use What You Already Know to Make Money in the Market =
Der Börse einen Schritt voraus. Wie auch Sie mit Aktien verdienen können
Chtělo by to napsati sem česky ( pro začátek i anglicky a německy ) ty hlavní body strategie Petra Lynche : co koupit, kdy prodat, kde dělají lidé chyby, výroky a moudrosti Petra Lynche.

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Peter S. Lynch's Fundamental's of Investing :
1.) Know What You Own - Most people don't really know the reasons why they own a stock - you should. Ed's Note: Similar to Ben Graham and Warren Buffet's Businesslike Investing in your Circle of Competence
2.) It is Futile to Predict the Economy, Interest Rates and the Stock Market(So Don't Waste Time Trying) - "If You Spend 13 minutes per year trying to predict the economy, you have wasted 10 minutes" Focus on the "facts" now at hand rather than predictions about the future
3.) You Have Plenty of Time - to identify and recognize exceptional companies. If you bought WalMart AFTER it rose 10x in its first 10 years, you got another 60x return over the next 30 years. Bottom line: Don't be in a rush - look at plenty of stocks, but be patient. Note: Buffett's "Wait for the Perfect Pitch"
4.) Avoid Long Shots - his record was ZERO out of 25 investing in companies with no revenues but a "bright future" to sell. His advice if you run across a company that falls into this category but still excites you - do nothing and write down the name. Look at it again in 6 to 12 months and see if you still think it is good. If it is one of the good ones and went from 5 to 15 while you waited, per point #3 above, you probably still have plenty of time. Note: Following this rule could keep you out of trouble. Benjamin Graham and Warren Buffett talked about avoiding Speculations and focusing on Investments instead
5.) Good Management is Very Important and Buy Great Businesses - good management is very important - maybe even the most important consideration. It may also be the most difficult item on this list to get right. His advice: look for good companies because a good management in a bad business will probably fail. "Buy a business any fool can manage because eventually one will" Buffett has also observed that when a good management meets a bad business, it is the reputation of the business that generally prevails.
6.) Be Flexible - lots of unexpected things happen, some good and some bad. Many of his best nvestments happened for the "wrong" reasons, i.e. his original thesis was off, but the investment still worked out. Sometimes he was absolutely right about the growth but the investment was still lousy and he did not make any money. So be flexible and humble
7.) Knowing When to Sell is Hard - before you make a purchase, you should be able to explain why you are buying/own it in terms that an 11 year old could understand - three sentences at most. Remember this reason and sell the holding when the reason no longer continues to hold. Investing well does not take a genius - only need 5th grade math - so math has nothing to do with being a great investor
8.) There is Always Something to Worry About - and this makes things interesting. The 1950s were one of the best decades to own stocks, but from a geopolitical basis everyone was scared of nuclear war. In the early 1990s, everyone was scared about the Japanese taking over the world and beating America. Not coincidentally, more all-time worst market days occur on Mondays because people have the whole weekend to WORRY. His advice is to forget about all the global bad stuff because the key to good investing is not the brain/intellect, its having the stomach.

[Ladis]

Some more Peter Lynch wisdom :
1. To come out ahead you don’t have to be right all the time, or even a majority of the time.
2. Buying a company with mediocre prospects just because it is cheap is a losing technique.
3. Selling an outstanding fast grower because its stock seems slightly overpriced is a losing technique.
4. Companies don’t grow for no reason, nor do fast growers stay that way forever.
5. You don’t lose anything by not buying a successful company, even if it’s a ten-bagger.
6. Don’t become so attached to a winner that complacency sets in and you stop monitoring the story.
7. When favourable cards turn up, add to your bet, and vice versa.
8. You won’t improve results by pulling out the flowers and watering the weeds.
9. If you don’t think you can beat the market, then buy a mutual fund and save yourself a lot of extra work and money.
10.You don’t have to “kiss all the girls.” I’ve missed my share of tenbaggers and it hasn’t kept me from beating the market.

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In addition to the above points, Peter also shared his Ten Most Dangerous Things People Say About Stock Prices reproduced below. Even more than the points above, Peter's good sense of humor came through when he discussed these old saws:
Silliest (and most dangerous) things people say about stock prices :
1.) "If it's gone down this much already, how much lower can it go?" (answer: Zero)
2.) "If it's gone this high already, how can it possibly go higher?" (some of the best companies grow for decades)
3.) "Eventually they always come back." (no they don't - there are lots of counterexamples)
4.) "It's only $3 a share, what can I lose?" ($3 for every share you buy)
5.) "It's always darkest before the dawn." (Its also always darkest before it goes absolutely pitch black. Don't buy a business just because price dropped and it is cheaper now)
6.) "When it rebounds to my cost, I'll sell." (The stock does not know you own it! Don't take it so personally Note: this comment is explained by the well documented psychological tendencies called loss aversion and anchoring bias which are talked about in Behavioral Finance. If you liked it at ten, you should love it at 6 so either buy more or sell)
7.) "What me worry? Conservative stocks don't fluctuate much." (There is no such thing as a conservative stock - the average stock fluctuates between 50% to 70% from its high to its low price every year. There is a graveyard where all the "conservative" stocks get buried. Companies and businesses change!)
8.) "Look at all the money I lost - I didn't buy it!" (Don't beat yourself up about the missed opportunities because it is not productive - when he managed the Magellan Fund, he almost never owned one of the 10 best performing stocks in a given year, but he did fine anyway).
9.) "I missed that one. I'll catch the next one." (Doesn't work that way)
10.) "The stock has gone up - so I must be right" or "The stock has done down - so I must be wrong." (Technical analysis is not worth much. So many people like something at 20 and hate it at 12 - never made much sense to him).
On the twelve silliest (and most dangerous) things people say about stock prices :
1.If it’s gone down this much already, it can’t go much lower.
2.You can always tell when a stock’s hit bottom.
3. If it’s gone this high already, how can it possibly go higher?
4. If only $3 a share: What can I lose? (A $3 share in the US is probably equivalent to a 30c share in Australia).
5. Eventually they always come back.
6. It’s always darkest before the dawn.
7. When it rebounds to $10, I’ll sell.
8. What me worry? Conservative stocks don’t fluctuate much.
9. It’s taking too long for anything to ever happen.
10. Look at all the money I’ve lost (because) I didn’t buy it!
11. I missed that one, I’ll catch the next one.
12. The stock’s gone up, so I must be right, or…the stock’s gone down so I must be wrong.
? Jsou ty pravidla i chyby někde v netu taky česky ? Vložte to sem česky, prosim pěkně !

[Ladis]

To by bylo moc fajn, kdyby sem napsal někdo tohle česky :
Peter Lynch , Born: Newton, Massachusetts, in 1944.
Affiliations : Fidelity Investments, Inc.
Fidelity Management & Research Company
Most Famous For : Peter Lynch managed the Fidelity Magellan Fund from 1977 to 1990, during which time the fund's assets grew from $20 million to $14 billion. More importantly, Lynch reportedly beat the S&P 500 Index benchmark in 11 of those 13 years, achieving an annual average return of 29%.
He is also famous for several books including, "One Up On Wall Street" (1989) and "Beating The Street" (1993), which are widely considered to be mandatory reading for any investor.
Personal Profile :
Lynch graduated from Boston College in 1965 with a degree in finance. He served two years in the military before attending and graduating from the Wharton School at the University of Pennsylvania with a Master of Business Administration in 1968.
He went to work for Fidelity Investments as an investment analyst, eventually becoming the firm's director of research, a position he held from 1974 to 1977. Lynch was named manager of the little known Magellan Fund in 1977 and achieved historic portfolio results in the ensuing years until his retirement in 1990.
In 2007, Peter Lynch was serving as vice-chairman of Fidelity's investment adviser, Fidelity Management & Research Co. Since his retirement, he has been an active participant in a variety of philanthropic endeavors.
Investment Style :
Often described as a "chameleon," Peter Lynch adapted to whatever investment style worked at the time. It is said that his work schedule, the equivalent of what we would call today "24/7," did not have a beginning and an end. He talked to company executives, investment managers, industry experts and analysts around the clock.
Apart from this punishing work ethic, Lynch did consistently apply a set of eight fundamental principles to his stock selection process. According to an article by Kaushal Majmudar, a CFA at The Ridgewood Group, Lynch shares his checklist with the audience at an investment conference in New York in 2005 :
His checklist :
Know what you own.
It's futile to predict the economy and interest rates.
You have plenty of time to identify and recognize exceptional companies.
Avoid long shots.
Good management is very important - buy good businesses.
Be flexible and humble, and learn from mistakes.
Before you make a purchase, you should be able to explain why you're buying.
There's always something to worry about.
In picking stocks (good companies), Peter Lynch stuck to what he knew and/or could easily understand. That was a core position for him. He also dedicated himself to a level of due diligence and stock research that left few stones unturned. He shut out market noise and concentrated on a company's fundamentals, using a bottom-up approach. He only invested for the long run and paid little attention to short-term market fluctuations. (For related reading, see Pick Stocks Like Peter Lynch.)
His publications :
"One Up On Wall Street" by Peter Lynch with John Rothchild (1989)
"Beating The Street"Peter Lynch with John Rothchild (1993)
"Learn To Earn"Peter Lynch with John Rothchild (1996)
Quotes :
"Go for a business that any idiot can run – because sooner or later, any idiot is probably going to run it."
"If you stay half-alert, you can pick the spectacular performers right from your place of business or out of the neighborhood shopping mall, and long before Wall Street discovers them."
"Investing without research is like playing stud poker and never looking at the cards."
"Absent a lot of surprises, stocks are relatively predictable over twenty years. As to whether they're going to be higher or lower in two to three years, you might as well flip a coin to decide."
"If you spend more than 13 minutes analyzing economic and market forecasts, you've wasted 10 minutes."

? Nechtěli by jste sem napsat tohle česky ? Pro vaše děti a pro českou a slovenskou veřejnost ?

[Honzajs]

Dobrá je úplně 1. kniha Petra Lynche ( originál z 1989 ) : Peter Lynch -
One Up on Wall Street : How to Use What You Already Know to Make Money in the Market

Souhlasím, doopručuji všem.

[jonatanus]

klasika, povinne citanie..

[Ladis]

Nun , meine Kinder , Petr Lynch dela knihu zbytecne dlouhou , pise tam o sve dovolene v Irsku a jine veci , ktere muzeme preskocit , aby mohl chtiti za knihu 40 euro v Evrope.
Kdyby se omezil na potrebne fakty , nemela by kniha cca. 390 stran , ale jen cca. 100-200 stran a byla by kniha za 10-20 euro.
Tedy ja jednou nebudu v moji knize popisovat zadnou moji dovolenou , aby mela kniha 400 stran.
Co je potrebne v knize a mohlo by se z casti okopirovat a z casti opsat , kdyby se lidi setkali s knihou v knihovne s kopírkou :
Kopirovat :
str. 101 = 16 bodu k zapamatování
str. 292-300 = druhy akcií a jejich vlastnosti
str. 325-332 = kdy prodat akcie
str. 372-374 = 32 bodu k zapamatování
= celkem kopírovat 18 stran A4
Opsat název odstavce a vypsat pár vět z něj :
str. 154-173 = 13 výhodných vlastností
str. 251-285 = 13 důležitých veličin
str. 333-348 = 12 hloupých vět od lidí

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Je mi záhadou , zda byl Peter Lynch dlouhodobým investorem , nebo krátkodobým ?
Co jste kde zjistili ?
Snad držel pro jeho Magellan fond 1977-1990 většinu akcií jen 1-4 měsíce.
Ale jeho vlastní akcie na rodinném kontě snad držel léta ?
Totiž on píše v knize, že se má držet tak dlouho, až přestanou platit kriteria, pro která se koupila a až člověk nebude žádný růst kurzu očekávat a to jsou léta.
Tedy proč držel většinu akcií ve fondu jen měsíce a ne leta ?

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before you make a purchase, you should be able to explain why you are buying/own it in terms that an 11 year old could understand - three sentences at most. Remember this reason and sell the holding when the reason no longer continues to hold. Investing well does not take a genius - only need 5th grade math - so math has nothing to do with being a great investor

! To je výborná věc ! 11-leté děti v 5. třídě ZDŠ už znaji dostatek z matematiky, aby se stali úspěšní investoři v akciích !
Zde asi bere Lynch ohled na Buffetta a Phil. Fishera , kteří začali taky s akciemi v 11 letech.

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http://nr1a.com/tec-akcie.htm
Tak jsem nasal něco česky o strategii Lynche a Fishera a Grahama a nezapoměl jsem ani na Fischera a Grossbauma :
http://nr1a.com/tec-akcie.htm

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Peter Lynch má
dnes novou českou webstránku
aber Vorsicht , it is cool , man :
http://nr1a.com/expert.htm